Adani Enterprises, Adani Energy Solutions to consider fund raising next week

The flagship company of the Adani group, Adani Enterprises, had last taken board approval to raise Rs 12,500 crore through a qualified institutional placement in May 2023. Group firm Adani Transmission also had board approval to raise Rs 8,500 crore, but both the companies did not go ahead with the fund raising.

In January last year, had conducted the country’s largest follow-on public offer, managing to successfully raise Rs 20,000 crore. Following allegations from US-based short-seller Hindenburg and the resultant crash in share prices, the company returned the money raised through the FPO to shareholders.

The company, which fosters new businesses within the Adani group, currently has energy, utility, data centers, infrastructure, consumer businesses, transport, logistics and mining within its portfolio.

It plans to spend Rs 80,000 crore on in the current financial year. Of this, more than Rs 50,000 crore will be allocated to for Adani New Industries (ANIL) and the airports business while the will get ₹12,000 crore. Its coal-to-PVC (polyvinyl chloride) project will get ₹10,000 crore and data centre segment ₹5,000 crore with the rest allocated to other businesses, the company said.

Gross debt at the company increased 31% to ₹50,124 crore as on March-end from ₹38,320 crore a year ago. Net external debt rose to ₹38,035 crore, from ₹27,776 crore during the period. Its stood at 1.13 as ona March 2024, up from 1.00 a year ago. End